Editorial Board   Guest Author

Mr. Sohn

Oliver Sohn

Co-Founder, Seventh Art Media

Oliver Sohn is a practiced real estate investment & development executive with extensive hospitality and marketing industry experience. He is a co-founding partner of Seventh Art Real Estate and Seventh Art Media (both under parent company Seventh Art Group) where he focuses on social media based business development and revenue management strategies. Since joining Seventh Art Group in 2006, Mr. Sohn successfully completed investment and development assignments on 20+ international deals in excess of total $3 billion, including investment strategy, business development, development strategy management, and marketing & sales. Seventh Art Group's international client base includes companies such us Four Seasons, Mandarin Oriental, Marriott, Starwood, Trump International, Dubai World, Industrial Building Corporation (IBC), Plaza Hotel New York/Elad Properties and many more. Under Mr. Sohn's co-leadership, Seventh Art Group has grown to an international practice with 150 worldwide hospitality and real estate projects, located in 22 cities across 4 continents and worth over US$7BN. In January of 2011 Mr. Sohn joined with Douglas O'Reilly to launch Seventh Art Media under the Seventh Art Group to focus on helping hotel brands and properties leverage social media as a means for sales & marketing, PR and customer service benefits.

Mr. Sohn can be contacted at 212-431-8289 or osohn@seventhartgroup.com

Coming up in October 2020...

Revenue Management: Maximizing Profit

Hotel Revenue Management continues to evolve at a blistering pace. Driven by technological innovation and new distribution channels, there are some dynamic opportunities for expansion in this fast-growing field. The technology is primarily designed to help revenue managers further refine their operations and pricing models to maximize hotel profit. For example, hotels can't be all things to all people, so a key strategy is to precisely identify their target audience. By employing geo-targeting techniques and analyzing behavior such as previous bookings, on-property purchases and online shopping practices, there is an increased capability to define guest demographics. By segmenting customers in more specific ways, hotels are able to create more personalized experiences which, in turn, allow managers to optimize their room rates. It is also an effective way to fulfill the unique needs and preferences of the individual. Another methodology is to consistently monitor the competition's pricing strategies. There are software tools that analyze a competitor's current rates, and then allow a hotel to make its own pricing adjustments. It is also a useful means to conduct forecasting models. Other technologies that are being integrated into a revenue manager's toolkit include Artificial Intelligence in the form of automated algorithms, and Voice Recognition (VR) for data inquiries, rate changes, and booking behavior. Predictive and analytic software programs are also being leveraged to provide more forward-looking data, instead of the usual reliance on historical performance. These metrics allow managers to be more proactive - rather than reactive - with their revenue strategy. The October issue of the Hotel Business Review will examine these developments and report on how some leading hotels are executing their revenue management strategies.